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What Works in Securities Laws?

  • RAFAEL PORTA
  • FLORENCIO LOPEZ-DE-SILANES
  • ANDREI SHLEIFER

We examine the effect of securities laws on stock market development in 49 countries. We find little evidence that public enforcement benefits stock markets, but strong evidence that laws mandating disclosure and facilitating private enforcement through liability rules benefit stock markets. Copyright 2006 by The American Finance Association.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1540-6261.2006.00828.x
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Article provided by American Finance Association in its journal The Journal of Finance.

Volume (Year): 61 (2006)
Issue (Month): 1 (02)
Pages: 1-32

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Handle: RePEc:bla:jfinan:v:61:y:2006:i:1:p:1-32
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